Mahindra Finance pays 206 crore for a 20% stake in Mahindra Insurance Brokers.
On Friday, Mahindra Finance acquired a 20% stake in Mahindra Insurance Brokers Ltd (MIBL) for ₹206.39 crore, making it a wholly-owned subsidiary of the company. The acquisition was completed after receiving approval from the Insurance Regulatory and Development Authority of India (Irdai).
Mahindra Finance purchased 20,61,856 equity shares of ₹10 each of MIBL at a price of ₹1,001 per share. As a result, MIBL became a wholly-owned subsidiary of Mahindra Finance, effective from September 22, 2023.